NATURAL GAS COT report
NATURAL GAS - NEW YORK MERCANTILE EXCHANGE positioning from the CFTC Legacy report. Net positions equal long contracts minus short contracts. Commercial, non-commercial and non-reportable classifications describe participants; they are not buy or sell signals.
Positions as of 2026-10-27. Open interest: 1681043 contracts. This is the latest stored observation, not live trading data.
How are traders positioned?
| Category | Long | Short | Net contracts |
|---|---|---|---|
| Non-commercial | 269454 | 524618 | -255164 |
| Commercial | 620252 | 383814 | 236438 |
| Non-reportable | 57557 | 38831 | 18726 |
Non-commercial percentile: 1 across 104 stored observations. This is the share of sampled net positions at or below the latest value, not a price forecast.
Position history in contracts
| Observation date | Non-commercial net |
|---|---|
| 2026-10-27 | -255164 |
| 2026-10-20 | -241272 |
| 2026-10-13 | -233578 |
| 2026-10-06 | -236439 |
| 2026-09-29 | -231020 |
| 2026-09-22 | -216530 |
| 2026-09-15 | -221587 |
| 2026-09-08 | -219767 |
| 2026-09-01 | -208911 |
| 2026-08-25 | -197932 |
| 2026-08-18 | -203503 |
| 2026-08-11 | -197135 |
| 2026-08-04 | -197546 |
| 2026-07-28 | -190799 |
| 2026-07-21 | -171138 |
| 2026-07-14 | -178612 |
| 2026-07-07 | -165307 |
| 2026-06-30 | -170803 |
| 2026-06-23 | -176689 |
| 2026-06-16 | -173476 |
| 2026-06-09 | -193957 |
| 2026-06-02 | -186115 |
| 2026-05-26 | -203181 |
| 2026-05-19 | -192196 |
| 2026-05-12 | -176306 |
| 2026-05-05 | -166646 |
| 2026-04-28 | -166273 |
| 2026-04-21 | -168315 |
| 2026-04-14 | -186888 |
| 2026-04-07 | -183987 |
| 2026-03-31 | -167456 |
| 2026-03-24 | -172607 |
| 2026-03-17 | -178029 |
| 2026-03-10 | -186856 |
| 2026-03-03 | -206422 |
| 2026-02-24 | -198519 |
| 2026-02-17 | -185812 |
| 2026-02-10 | -171865 |
| 2026-02-03 | -172310 |
| 2026-01-27 | -163606 |
| 2026-01-20 | -193490 |
| 2026-01-13 | -185601 |
| 2026-01-06 | -165559 |
| 2025-12-30 | -154894 |
| 2025-12-23 | -156320 |
| 2025-12-16 | -128037 |
| 2025-12-09 | -106479 |
| 2025-12-02 | -126479 |
| 2025-11-25 | -138403 |
| 2025-11-18 | -137719 |
| 2025-11-10 | -140029 |
| 2025-11-04 | -141539 |
| 2025-10-28 | -145296 |
| 2025-10-21 | -158779 |
| 2025-10-14 | -152113 |
| 2025-10-07 | -141961 |
| 2025-09-30 | -125200 |
| 2025-09-23 | -128084 |
| 2025-09-16 | -110944 |
| 2025-09-09 | -94547 |
| 2025-09-02 | -102776 |
| 2025-08-26 | -103946 |
| 2025-08-19 | -105088 |
| 2025-08-12 | -97046 |
| 2025-08-05 | -93765 |
| 2025-07-29 | -85753 |
| 2025-07-22 | -77600 |
| 2025-07-15 | -74050 |
| 2025-07-08 | -87791 |
| 2025-07-01 | -92846 |
| 2025-06-24 | -93816 |
| 2025-06-17 | -92518 |
| 2025-06-10 | -108482 |
| 2025-06-03 | -104896 |
| 2025-05-27 | -129102 |
| 2025-05-20 | -113902 |
| 2025-05-13 | -112079 |
| 2025-05-06 | -117165 |
| 2025-04-29 | -112398 |
| 2025-04-22 | -104142 |
| 2025-04-15 | -117126 |
| 2025-04-08 | -109180 |
| 2025-04-01 | -122615 |
| 2025-03-25 | -131909 |
| 2025-03-18 | -123043 |
| 2025-03-11 | -92990 |
| 2025-03-04 | -79144 |
| 2025-02-25 | -73783 |
| 2025-02-18 | -94616 |
| 2025-02-11 | -80532 |
| 2025-02-04 | -72198 |
| 2025-01-28 | -65042 |
| 2025-01-21 | -68461 |
| 2025-01-14 | -71583 |
| 2025-01-07 | -104767 |
| 2024-12-31 | -118073 |
| 2024-12-24 | -120276 |
| 2024-12-17 | -128201 |
| 2024-12-10 | -140579 |
| 2024-12-03 | -151623 |
| 2024-11-26 | -153392 |
| 2024-11-19 | -161049 |
| 2024-11-12 | -156119 |
| 2024-11-05 | -156448 |
Historical AI commentary — 2026-01-20
This commentary is dated separately from the positioning table. It may describe an earlier market environment.
Natural Gas positioning shows a stark divergence: hedgers (Producer/Merchant + Swap) are at their most net-short in 156 weeks, while speculators (Managed Money + Other Reportables) are at their most net-long. This extreme polarization, with price near its 22nd percentile low, suggests the market is pricing in a supply glut that hedgers are actively locking in. The immediate implication is that ...
How should this COT report be used?
Use positioning to understand exposure and crowded trades alongside price, liquidity and risk controls. Weekly reports generally describe Tuesday positions released on Friday, subject to the CFTC schedule. Classifications differ in TFF and Disaggregated reports. Compare like-for-like formats and dates.
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